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    • Union Budget: Government proposes increase in the TDS on life insurance policies

      Currently, under Section 194DA of the Income Tax Act, 1961, life insurance policyholders or nominees have to pay 1% of the total payout of the life insurance as TDS (Tax deducted from source). That said, following the Union Budget 2019, the Government is now proposing that the TDS for life insurance payouts be increased from 1% to 5%. That said, according to a financial expert, it was seen that deducting tax on gross amount created difficulties to an assesses who otherwise has to pay tax on net income after deducting the amount of insurance premium paid by him from the total sum received from the insurer. From the view of the government, he said, the Union Budget 2019 proposes that it is preferable to deduct tax on net income so that the income as per TDS return of the deductor can be matched automatically with the return of income filed by the assessee.

      10 July 2019

    • Life insurers want higher tax exemption for insurance premium in new budget

      Many life insurance companies have made it known that they want a higher tax exemption limit for premiums paid towards life insurance policies. Currently, life insurance premiums are exempted under Section 80 (C) of the Income Tax Act. This comes under the Rs.1.5 lakh umbrella for tax payers. However, insurance companies want a separate limit for life insurance companies that will encourage more and more people to buy life insurance. An increase in tax benefits will automatically increase life insurance penetration. Insurers also requested for term insurance plans to be made mandatory under law for all Indian citizens. However, this was not allowed by the government and only motor third-party liability insurance is mandatory by law.

      Another element that insurance companies want attention paid to is the GST levied on life insurance policies. Currently, the GST rate is 18%. Insurers want this rate to be reduced to 12% or done away with altogether. The GST council will be taking the key decisions with regard to GST. However, Finance Minister Nirmala Sitharaman is expected to talk about the vision of GST during her Budget Speech.

      05 July 2019

    • Life Insurance Corporation launches the Admit card for Apprentice Development Officer Post

      For those who’d wish to apply for the Apprentice Development Officer Post in Life Insurance Corporation, the largest life insurer in the company has launched the admit card facility on its portal.

      Individuals who have registered for the exam can visit the website of LIC, click on the Apprentice Development Officer Post admit card tab, enter your registration number, date of birth and click on submit. The candidate has to then print the admit card for the examination.

      02 July 2019

    • Pankaj Razdan resigns as the CEO of Aditya Birla Sun Life Insurance

      Pankaj Razdan has resigned as the CEO of Aditya Birla Sun Life Insurance. Kamlesh Rao who is the managing director of the retail arm of Kotak Security will take over as the new CEO of the life insurance company.

      The reason behind Razdan resigning as the CEO is due to his interest in producing an upcoming movie. He had already co-produced a Marathi movie while being the CEO of Aditya Birla Sun Life Insurance and will produce an upcoming Hindi movie.

      Razdan denied the rumors of him quitting the financial services industry for good. Razdan also denied having any differences with the management which led to abrupt resignation as the CEO of Aditya Birla Sun Life Insurance company.

      28 June 2019

    • Bajaj Allianz to enter health insurance segment

      In what would spread the wings of one of India’s leading life insurers, Bajaj Allianz Life Insurance have announced that they will be entering the health insurance and fitness segment as well as sell pension products on their platform in the coming months. Emphasizing on the need for penetration of such products, the CEO of the life insurer said they are going to delve into unchartered territory for the company in a big way. He said, our strategic intent will be to get into health, fitness and pension products in a big way. Our survey findings reinforce our faith in these segments. We will not have just one flagship product but focus on having multiple products.

      26 June 2019

    • Life Insurance Corporation Holds Yoga Camp

      On the occasion of International Yoga Day, Life Insurance Corporation (LIC) South Central Zone, Hyderabad, celebrated by organizing a yoga camp. The idea behind the yoga camp was to promote a healthy lifestyle through this ancient practice. The Executive Director of LIC Health Insurance, K.Sudhakar Reddy, inaugurated the event. Yoga Gurus from Love Yoga Foundation taught the attendees and gave tips for a healthy life.

      The officials who participated in the event included names like PVS Nagaraja Rao (Regional Manager, Marketing), S.Nagesh (Chief, Health Insurance), S.Thakur (Chief, Engineer) and many others.

      24 June 2019

    • Life Insurance Corporation retains its hold on the insurance market in India

      The life insurance market in India is extremely competitive with 24 companies trying to knock out each other to get a share of the growing market. The state-owned insurance company, Life Insurance Corporation (LIC), which enjoyed a monopoly of 44 years on the Indian life insurance market has retained its hold on the market even after 19 years of the entry of the private players. Even with a reduced market share of two-thirds the company is still dominates the market while the other 23 players share the remaining one-third. As per the reports of IRDAI, as a result of the expansion of the market the market share of LIC dropped from 71.81% in FY2016-17 to 69.36% in FY2017-18 while the market share of other private companies slowly improved to 30.64% in FY2017-18 from 28.19% in FY2016-17. However, the entry of the private companies in life insurance market in India has largely helped it to expand and the business to grow.

      20 June 2019

    • Government looking to merge state-owned general insurers

      The government is in talks to merge three general insurance companies into one as it did for life insurance companies – creating LIC. While creating a single state-run general insurance company will increase its value on stock markets, jobs are likely to get cut. Post the proposed merger, the value of the merged general insurance company is estimated at Rs.2.5 lakh crore. Currently, the collective employee strength of the three companies – New India Assurance, National Insurance, and United India Assurance, is 59,000. Nearly 20-30% of the total number is likely to be reduced after the merger through mechanisms such as the voluntary retirement scheme.

      During the Union Budget FY 2018-19, the Finance Minister had stated the possibility of merging National Insurance, United India Assurance, and Oriental Insurance and eventually being listed. As per the plans proposed, if the said merger is completed, the company will further be merged with New India Assurance. The idea to merge the non-life insurance companies is to create a larger and a sustainable state-owned general insurance company.

      17 June 2019

    • DHFL Pramerica opts for Amazon for cloud services

      DHFL Pramerica Life Insurance has decided to go with Amazon as their cloud provider. Amazon Web Services (AWS) will help DHFL help enable digital transformation for their customers. The insurer will move 70 terabytes worth of its applications data to AWS. The applications data include policy generation, agent management, customer engagement, etc. DHFL was previously using multiple managed data centers before the association with AWS. By opting for cloud services, the insurer will cut down almost 15% of its expenses in the next 12 months.

      This move will also help DHFL develop customized offerings and faster turnaround times to customers. The insurance provider aims to leverage AWS cloud to enhance their leadership in the insurance industry.

      14 June 2019

    • Approvals for re-filed policies to be given after appointment of Member-Life

      All approvals for re-filed policies in the life insurance sector will be provided only after the Member-Life is appointed to the Insurance Regulatory and Development Authority of India (IRDAI). The new regulations for the sector have been finalised but the refiling process is yet to gain speed. The Member-Life is responsible for creating regulations and approving products in the life insurance sector. As per reports, the appointment is soon to be finalised as it is in the very last stage. Nilesh Sathe, former Member-Life retired in the month of May. It is said that two senior executives of LIC are being considered for the post.

      The appointment, like all other appointments in the IRDAI, will be made by the Appointments Committee of the Cabinet (ACC), chaired by the Prime Minister. After the appointment, the new set of regulations as well as products will soon be made available. The appointment couldn’t be made sooner because of the delay caused by elections and the formation of the new government. The new regulations proposed by the IRDAI has mostly been accepted by insurers. The said regulations will be finalised soon after going through the necessary steps.

      12 June 2019

    • Edelweiss Tokio Life Insurance offering term cover for cancer

      Private life insurance provider, Edelweiss Tokio Life Insurance has recently launched a new product which offers cover for cancer and heart diseases. The product is called ‘health shield’. The insurance scheme will offer a term-trigger benefit. Through this benefit the insurer will be offering a term cover in case of detection of a major form of cancer.

      In India, Edelweiss Tokio Life Insurance is the first insurance provider which is providing this feature. The product will not only cover cancer but also 17 different cardiac conditions. On the basis of the customer’s need, he or she can select an option to cover only cancer, only heart diseases, or both of them. The term-trigger benefit will be offered as an option under the variant of the plan that offers cancer coverage. If the policyholder has availed this benefit, the insurer will provide a term cover to him or her along with the lump sum pay out.

      10 June 2019

    • Importance of Effective Management of Life Insurance Policies

      The upcoming budget is expected to provide a timeline for the merger of the 3 general insurance PSUs which has been long overdue. This will help in speeding up the process which was introduced first in the budget of 2018.

      In its status of implementation, the interim budget had said that the merger of the 3 companies namely National Insurance Co. Ltd., Oriental Insurance Co. Ltd., and United India Insurance Co. Ltd. is expected to be completed by 2019-20. Reportedly, Ernst & Young has been appointed to advise the proceedings of the merger. However, no major advancement has taken place yet.

      7 June 2019

    • Paytm might acquire Coverfox for S120 million

      Digital insurance marketplace Coverfox might be acquired by Paytm in the coming months. The deal has been estimated to be around $100 million to $120 million. Reportedly, Paytm has been in talks with the Mumbai-based insurance marketplace. If the deal gets a form, it will be the biggest acquisition made by Paytm.

      At present, Paytm is trying to get into the financial services sector. The digital payments company is making its way into the segment through Paytm Money, a subsidiary of Paytm. The deal will also make Paytm a direct competitor for PolicyBazaar which is one of the leading online insurance marketplaces in India. The proposal for the acquisition might, however, be opposed by SoftBank which owns an important stake in PolicyBazaar.

      04 June 2019

    • General Insurance Council Witnessed Appointment of New Head

      General Insurance Council is the official, legitimate representative body of the general insurance industry in India. This insurance industry comprises of 1.7 lakh-crore insurance providers and operators providing insurance policies to millions of Indians on a regular basis. The announcement came shortly after the new Union Minister took charge in his office recently. In Mumbai, interactions were held on 29 May 2019 in order to determine the chief of the newly established General Insurance Council, also known as GI Council. The Government of India had initially sent out 14 applications for the post of the General Insurance Council. Out of these 14 applicants, 5 were shortlisted while only 4 out of those 5 actually made it to the interview/interaction. A source recently said ‘The insurance professionals who appeared for the interaction include MN Sharma (former CMD, United India Insurance), John Pulinthanam (General Manager & Director, National Insurance Company), Balwant Singh (former GM & Director, Oriental Insurance Company), CR Vijayan, (former GM & Director, GIC Re), and the candidate who didn’t turn up for the interaction was Deepak Sood (former CEO, Future Generali India Life Insurance)’. Moreover, the General Council and Life Insurance Council have also decided to cap the age of retirement of secretary general at 65.

      01 June 2019

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    Customer Reviews

    • Max Life Insurance
      "Excellent insurance"
      0.5 5.0/5 "Blown Away!"
      My relation and friend circle chosen the life insurance policy from Max thats the reason i have chosen them. I have been paying the premium amount of Rs. 1 lakh for the annual payment mode. Total term period of the policy is 12 years. Through cheque, i made the premium.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 16, 2019
    • LIC
      LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      Purchased my endowment plan was from LIC and its a brand and trustable company. Endowment plan is a good investment plan. I have selected the term period of 19 years. I am paying the premium amount of Rs. 3500 in every three months once through online.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 16, 2019
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      My endowment plan was taken from Life insurance Corporation of India. I have been paying the premium amount of Rs.11000 and chosen the annual payment mode. Regularly i make my premium through net banking and satisfied with the sum assured amount. The policy term is 21 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 16, 2019
    • LIC Life Insurance
      "Good investment plan"
      0.5 5.0/5 "Blown Away!"
      Endowment is a well better policy because its good agreement and i get a good returns in future. I got all the benefits from this policy. I pay the premium amount of Rs. 12000 for half year. I'm happy about the returns. There is 21 years policy. I make the premium through online. LIC terms and conditions are transparent.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 16, 2019
    • LIC Life Insurance
      "Good investment plan"
      0.5 5.0/5 "Blown Away!"
      Purchased my money back from Life insurance Corporation of India. I have been paying the premium amount of Rs. 15000 and i have chosen the half yearly payment mode. I have selected the tenure period of 16 years. Overall, I'm not satisfied with the policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 16, 2019
    • LIC Life Insurance
      "Good investment plan"
      0.5 5.0/5 "Blown Away!"
      I took my money back policy 5 years back. Other than the investment plan, money back policy is better. I have been paying the premium amount of Rs. 8000. I have chosen the half yearly payment mode. Total term period is 20 years. I got the money back directly to my account.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 16, 2019
    • LIC Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      Since i'm working as a LIC agent, before taking the policy, i'm very much aware of all the policy details. I took the term insurance policy with LIC. Its a claiming only for normal and accidental death is covered. I'm satisfied with the sum assured amount of Rs. 35 lakhs.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 16, 2019
    • LIC Life Insurance
      "Good insurer"
      0.5 4.0/5 "Great!"
      I have taken a life insurance in LIC before 12 years ago. The policy is for 20 years. I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details. I use to do payments through an online.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 16, 2019
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have take Life Insurance policy through LIC agent .I have got all the relevant details about the policy and also received the policy documents on time ,The process was really smooth and convenient according to me .This policy was for the tenure of 20 years .and paying the premium through monthly basis and the premium amount was Rs.15,000.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Jul 16, 2019
    • LIC Life Insurance
      "Good insurer"
      0.5 4.0/5 "Great!"
      I have taken a life insurance in LIC on 4 years before. The policy is for 20 years and it is a money back policy. I am paying premium in the quarterly package. While getting a policy my agent has given an information about the policy details but delay to receive the documents. I use to do payments through an online.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 16, 2019
    • ICICI Prudential Life Insurance
      "Good Term policy with less benefits"
      0.5 4.0/5 "Great!"
      ICICI people have approached me hence i bought the life insurance policy with them. Every year i pay the premium amount of Rs. 15000 for the sum assured amount of Rs. 50 lakhs. This is a term insurance policy. It will cover upto 75 years of my age. In the documents, there is not mentioned about the partial disability and medical illness.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 16, 2019
    • LIC Life Insurance
      "Good insurer"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance in LIC taken on 30 years before. The policy is for 33 years. I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details. They will debit the amount from my salary account for the payments.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 15, 2019
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